Richard's Rapid Fire

  • November 17, 2017
    Cordray Era Comes to An End, Mulvaney Expected to Take Over After months of rumors, CFPB Director Richard Cordray on Wednesday announced he will step down as head of the agency. As many of you are aware, I had my share of “conversations” with Director Cordray over the years. We have had our disagreements, especially when it came to the Bureau’s use of its Yelp-like complaint portal and its...
  • November 9, 2017
    Senate to Drop Tax Bill, Expect House Bill on Floor Next Week Tax reform continues to occupy a ton a bandwidth in Washington. The Senate is expected to drop its bill this afternoon and the House version is expected to pass out of the Ways and Means Committee. Following Committee passage, the House bill is expected to proceed to the floor for a vote next week. Should both the House and Senate pass...
  • November 3, 2017
    Signed, Sealed and Delivered: President Trump Signs Arbitration Rule Repeal! A big win for consumers occurred this past Tuesday when President Trump signed a resolution repealing the CFPB’s arbitration rule. If this rule had gone into effect, it would have harmed consumers. From the beginning the rule was never about protecting American consumers and the CFPB’s own study backs that up. The only...
  • October 27, 2017
    Thoughts on Senate Vote Repealing CFPB’s Arbitration Rule With a deciding vote by Vice President Mike Pence, the Senate passed a resolution overturning the CFPB’s arbitration rule by a vote of 51 to 50. Overturning the CFPB’s arbitration rule ensures consumers retain the tools they need to receive relief without going through long, drawn-out, costly court proceedings – where no one benefits...
  • October 20, 2017
    ​Cordray, Noreika Arbitration Spat Heats Up CFPB Director Richard Cordray and Acting OCC Comptroller Keith Noreika continue to publicly air their disagreements over the merits of the CFPB’s arbitration rule. Recently, both agency heads published dueling op-eds in The Hill challenging each other’s views of the rule. This week, the debate continued to escalate as both challenged the validity of the...
  • October 13, 2017
    House Committee Moves on Regulatory Reform, SIFI Designation Bill During a markup session this week, the House Financial Services Committee moved a host of regulatory reforms, including Congressman Blaine Luetkemeyer’s SIFI designation bill. As CBA noted in its letter to the committee, designating risk strictly based on the size of a financial institution does not make sense and it harms...
  • October 6, 2017
    CFPB Final Small-Dollar Rule Falls Short For Consumers The CFPB’s long-awaited small-dollar rule is finally here, and you guessed it! The Bureau whiffed at an opportunity to provide assistance to the millions of Americans experiencing financial hardship. It is hard to believe just days after the CFPB reported more than four in ten Americans were struggling to pay monthly bills – often because of...
  • September 29, 2017
    CBA to CFPB: Help Banks Serve Consumers in Need of Short-Term Credit A huge segment of consumers are struggling to make ends meet in a given month – 43 percent to be exact – according to a new CFPB survey. Since the FDIC and OCC issued guidance essentially pushing banks out of the small-dollar lending market, consumers have been forced to use less-safe, less-regulated and more costly entities to...
  • September 22, 2017
    CBA LIVE 2018 Registration Now Open CBA LIVE is back for 2018, and we are going “Beyond the Bank.” The banking industry is transforming across the board. From consumer interactions to digital capabilities the banking world is moving beyond brick and mortar. With 90 hours of programming and attendance from retail banking’s most senior leaders, CBA LIVE 2018 is this year’s can’t miss event. Join us...
  • September 15, 2017
    CBA Elects New Board Leadership Team, Sets 2018 Advocacy Agenda CBA held its annual leadership summit in Washington, D.C. this week. I am pleased to announce Brad Conner of Citizens Bank was elected Chairman of the Board for 2018, succeeding Ross Carey of U.S. Bank, and Todd Barnhart of PNC was named Chair-Elect. Speaking with American Banker , Brad debuted our priorities for the upcoming year,...

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